Fantom (FTM) Records 23% Gains On Weekly Chart, What’s Next?
While the global crypto market capitalization plunged today, with most coins trading in red, Fantom (FTM) bucked the bears. FTM has scored over 23% price gains on the weekly chart. The coin gained 0.48% on the last day and shows a 4.65% price increase in the previous hour.
With today’s performance, Fantom joined the list of the top-gaining coins over the past week and might be nearing $0.5. However, it is still uncertain if the factors pushing the coin price would bring it above $0.5.
US Fed’s Latest Interest Rate Hike Pushes Most Crypto Down
Yesterday the US Federal Reserve bank raised interest rates by 0.25% to tame inflation despite the ongoing banking turmoil. The bearish sentiment from the Fed’s interest rate hike has spread across the crypto market and the total market capitalization has declined by 2.44%.
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The crypto industry, alongside economists and analysts, dreaded this outcome. Bloomberg’s analyst McGlone and others predicted crypto prices might plunge deeper should the Feds raise the interest rate bps.
After the bank crash, the Fed interfered with a funding program to assist troubled banks giving hope to investors. People thought the Feds would soften its stance on the borrowing rates hike. But the recent rate hikes suggest otherwise.
While the bearish sentiment from the Fed’s action pushed the crypto market down, FTM remained resilient, sustaining its past week’s gains.
At the time of writing, FTM has recorded a 23% 7-day gain. It didn’t end there since the token’s price rally reflected a massive surge in trading volume over the past 24 hours. According to CoinMarketCap data, FTM observed a 47.65% increase in its 24-hour trading volume against yesterday’s value.
Fantome (FTM) Price Rallies Amid Ecosystem Developments
Fantom is a directed acyclic graph Smart Contract platform that provides decentralized finance services to developers with its native consensus algorithm. With its native token, FTM, Fantom aims to solve scaling problems associated with Smart Contract platforms while offering lightning-speed transactions.
The Fantom Foundation has been on this vision, working to improve the network with programs to attract more users. These activities would reflect in FTM price and trading volume as it currently is.
The platform has been running programs to accelerate Web3 gaming, which has gained much traction recently. To encourage developers to build on Fantom, it distributed FTM tokens to every project participating in the Fantom Gitcoin Grants round. 8Play Games is even distributing FTM tokens to celebrate their launch after partnering with Fantom.
The Fantom ecosystem has experienced several developments, including new integrations with Algebra Protocol, Atomic Wallet, Osmosis, KuCoin Wallet, Carrier Bridge, and Osmosis.
The Fantom Ecosystem Vault reached 200,000 FTM on March 11, marking a new milestone for FTM. All these could be among the factors supporting FTM’s resilience amid the bearish market.
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Data shows that Fantom previously surpassed $0.5, climbing above $0.6 to nearly $0.7 earlier in February before gradually pulling back $0.3356 on March 10. However, its price has been steadily improving aside from a few retrenches and might soon climb back to $0.6 if it sustains the current rally momentum.
Featured image from Pixabay and chart from TradingView.com